If you've been following my charts, you already know what I think. I wouldn't be comfortable declaring the market bullish or bearish, but if I have to make a guess, I think we're probably at the beginning of a bull market. That being said, where the price will go next is a little more difficult than that.
As I've mentioned before, a definite sign of trend reversal would be for price to form a new higher high above $10500. That will be clear and irrefutable. We're currently in the middle of a consolidation around $9350, just above the Hopium Refill line, which as I mentioned before, should be a high liquidity zone. Not only that, but there's a clear bear divergence with the RSI, which isn't a death sentence, but certainly adds a bit to the possible decline in price in the near future.
To make this short and to the point: bulls need to push harder to be able to control the market, but price appears to be at or near a local top, which makes me believe we'll see a drop, which could be considerable, unless the bull step in and save the say. Still, I believe we're at the door of a bull market regardless, but I think the possibility of one more drop before finally going up is a very valid one to consider.
As I've mentioned before, a definite sign of trend reversal would be for price to form a new higher high above $10500. That will be clear and irrefutable. We're currently in the middle of a consolidation around $9350, just above the Hopium Refill line, which as I mentioned before, should be a high liquidity zone. Not only that, but there's a clear bear divergence with the RSI, which isn't a death sentence, but certainly adds a bit to the possible decline in price in the near future.
To make this short and to the point: bulls need to push harder to be able to control the market, but price appears to be at or near a local top, which makes me believe we'll see a drop, which could be considerable, unless the bull step in and save the say. Still, I believe we're at the door of a bull market regardless, but I think the possibility of one more drop before finally going up is a very valid one to consider.
